Posts

Greek startups are helpingEntrepreneurs in Greece are finding ways to battle the financial crisis that has crippled its economy. While entrepreneurship in Greece has predictably prospered in the tourism sector, many new startups are finding success in technology, science and engineering. In 2018, Greece was named the European Capital of Innovation by the European Union and ranked 11 in the world by the Global Innovation Index for science and engineering graduates. Via innovative ideas, Greek startups are helping the economy by creating jobs and stimulating economic development.

Augmenta

Founded in 2016, Augmenta has been helping farmers decrease their costs while increasing production. The video device uses machine learning to analyze tractor movements, increasing yields by 15%, reducing chemical field inputs by 20% and improving field end production by 15%. Another advantage of this innovative technology is that the more the farmer uses the device, the more data will become available to the other farmers. Augmenta’s benefits are promising for farmers and the agricultural industry as a whole.

Neos Beyond Payments

With the increasing demand for contactless payment due to COVID-19, Greek startup Neos Beyond Payments is finding its place in the economic market. The wearable device has now taken off in the European market and continues to expand into Scandanavian markets as well. In partnership with a Swedish technology firm, Fidesmo, Neos makes it possible for you to tap and pay on any contactless terminal, the same way you do with your payment card, by using the Neos wearable bracelet. With more demands for contactless payment options, the Neos wearable device will be useful in all markets.

Inagros

Inagros is another one of the Greek startups helping the economy by creating innovative technologies for farmers and agronomists. Inagros’ innovative web platform delivers data through satellites and sensors to enhance crop production and reduce the consumption of water, fertilizer and energy. This new technology is expected to be a pillar in the development of the smart farming revolution, with innovations expected to significantly impact automatization and sustainable management in particular.

Rebuilding the Greek Economy

The bailout in 2010 was just the beginning of the collapse of Greece’s’ financial economy. By 2015, the country had borrowed more than €289 billion, the largest bailout a country has ever received. As a result of which, entrepreneurs, scientists and professionals fled due to the dying economy. Entrepreneurs in Greece that persisted during these years created momentum and paved a path for future entrepreneurs to continue to contribute to rebuilding the fallen economy. While Greece continues to fight through financial barriers, a booming economy may be on the horizon, with Greek startups helping the economy by creating innovative market opportunities that steadily bring life back into a fragile economy.

– Brandi Hale
Photo: Flickr

Innovations in the PhilippinesOver the past decade, there have been drastic innovations in the Philippines. The country has experienced dramatic economic growth and development. In 2019, the Global Innovation Index (GII) found that the country improved on all metrics used to calculate advancement.

Economic Growth

In 2019, the Philippines appeared for the first time in the “innovation achievers group.” The country outperformed many other countries in the area.  Some of the metrics used to calculate these scores included increased levels of creative exports, trademarks, high-tech imports and employed, highly educated women.

As a country, the Philippines has risen 19 spots in the ranking since 2018, to 54th out of 129 participating countries. This indicates a significant increase in the standard of living for many Filipinos. This is apparent in the significant decrease in the poverty rate over the past few years. From 2015 to 2018, the national poverty rate dropped a total of 6.7%, or by 5.9 million people.

Prosperity is largely due to the success of local business owners and entrepreneurs. They have used their influence and prosperity to help those in need in their communities and countries, especially in the health sector. Coincidingly, there was a significant increase in global trade. Both factors have propelled the Philippines into the global economy as an important emerging market to keep an eye on.

Global Benefits

In 2018, the Philippines and the United States trade relationship developed significantly. The total goods trade was $21.4 billion collectively, in the petroleum and coal, aerospace and computer software, motor vehicles and travel/hospitality sectors. This is beneficial to the U.S. because international trade employs over 39.8 million Americans. As the Philippines becomes more prosperous, more Filipinos are able to pour money and resources into helping marginalized communities across the country. As such, there has been an increase in innovations in the Philippines, notably in the health and medical sectors.

RxBox

A distinct industry on the frontlines of innovations in the Philippines is the health sector. Increased health for a population is directly related to better access to opportunity and a higher standard of living overall. One company doing this important work in the Philippines is RxBox.

RxBox was developed by the country’s Department of Science and Technology. It is a biomedical telehealth system that provides health care and diagnoses to people in communities that are remote, difficult to access. The service is additionally available for people who do not have access or the ability to travel for health care.

It is a game-changer for disadvantaged people who would otherwise not be able to get fast, effective medical care. RxBox reduces costly hospital and medical visits, which facilitates better health for people. Communities are then better able to care for themselves and for their families, providing greater opportunities for everybody.

Biotek M

There is another player in the innovations in the Philippines: Biotek M. It is a revolutionary diagnostic kit for Dengue. A local team at the University of the Philippines-Diliman were the creators of this new technology.

Traditionally, the Polymerase Chain Reaction (PCR) test is used to confirm the disease but can cost up to $8,000 and takes 24 hours to get results. That is inaccessible to lower-income people who are oftentimes the demographic most commonly afflicted by the dengue infection. The kit helps reduce resource usage for both medical centers and patients by making the diagnosis process significantly more streamlined.

In 2017, 131,827 cases of Dengue were recorded with 732 deaths, mostly affecting young children aged 5 to 9-years-old. Being able to quickly diagnose and treat people who contract this illness makes a huge impact on people living in poverty.

When people spend less time, energy and money on being healthy, they are able to use their resources more efficiently. In this way, medical innovations in Philippines and a growing economy directly increased the standard of living for people living in poverty within the country.

Noelle Nelson
Photo: Flickr